Ken Layne, who is a co-founder with Matt Welch of LA Examiner.com and is involved with Dick Riordan's promised weekly, says on his blog that it won't really be a newspaper:

What we'll be doing in L.A. is more of a magazine. A paper tries to make you think there's something you didn't know three days ago inside that bundle of pulp thrown on the driveway. A good weekly magazine says, "Well, you might know this but have you considered this weird angle, written by a talented drunk full of cheap jokes? Plus, here's a bunch of stuff going on right here in Los Angeles and you've never heard about it. Plus, the city is run by some sort of Retard Army."